The labor force equals the number of people
A) in the working-age population. B) employed.
C) unemployed. D) employed plus unemployed.
D
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Limited government licenses that create a monopoly do so because
A) the license generates a marginal cost advantage. B) the monopoly will become a natural monopoly. C) a barrier to enter the market exists. D) All of the above.
Which of the following is an example of a speculative attack on a currency?
a. National governments decide to engage in competitive devaluations against a given country. b. International organizations such as the WTO and the IMF attempt to reorder the currency's system. c. Private investors sell domestic currency and buy foreign currency, betting that the domestic currency will soon be devaluated. d. Casinos in Las Vegas allow the proliferation of bets for and against a given currency. e. A country is at war, and the enemy country "freezes" all the accounts denominated in the local currency.
The schedule of the amount of a product that consumers would be willing to purchase at alternative prices during a specific time period is the
a. total utility schedule. b. marginal utility schedule. c. supply schedule. d. demand schedule.
According to most economists, fiscal policy is:
A. not an effective tool for fine-tuning the economy. B. always ineffective because of crowding out. C. effective only when potential output is perfectly known. D. least useful in a serious economic crisis.